Transphorm, Inc.

Good afternoon and welcome to the Transform, Inc. Second Quarter 2022 Business Update Conference Call. Today's conference is being recorded. To ask a question on today's call, please press star 1 on your telephone keypad. If you find your question has been asked, you may remove yourself from the queue by pressing star 1 again. At this time, I'll turn the conference over to Brett Perry of Shelton Group Investor Relations. Please go ahead.

Good afternoon and welcome to Transform's Quarterly Business Update Conference Call. Joining us today from Transform are Mario Rivas, Chief Executive Officer, Premit Parikh, Co-Founder and Chief Operating Officer, and Cameron McCauley, Chief Financial Officer. Before we begin, I'd like to point out that there is a slide presentation associated with today's prepared remarks, which management will be referencing during the conference call. These slides can be accessed through the live webcast link in the investor relations section of Transform's website. and they will also be posted and available as a linked PDF subsequent to today's conference call. Additionally, during the course of this call, the company may make forward-looking statements regarding the company's financial position, strategy and plans, future operations, specific end markets, and other areas of discussion. It's not possible for the company or management to predict all risks, nor can the company assess the potential impact of all factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. In light of these risks, uncertainties, and assumptions, the forward-looking statements discussed during this call may or may not occur, and actual results could differ materially and adversely from those anticipated or implied. Any projections as to the company's future performance represent management's estimates as of today, November 10, 2021, Neither the company nor any person assumes responsibility for the accuracy or completeness of the forward-looking statements. The company also undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform such statements to actual results or to the changes in the company's expectations. For more detailed information on risks associated with the company's business, we refer you to the risk factors described in Transform's S-1, 10-KT, and other subsequent filings with the SEC. With that said, it's now my pleasure to turn the call over to Transform's CEO, Mario Rivas. Please go ahead, Mario.

Thank you, Brad, and welcome everybody on today's call. Thank you for joining us. Transform's fiscal second quarter, which ended September 30, 2021, delivered continued growth and record total revenue. Product revenue increased sequentially for the seventh consecutive quarter and grew 30% year-over-year to a quarterly record. Continued momentum on adapter and fast charger market penetrations, including partnerships with leading controllers and integrated driver makers. We completed an agreement to transition ownership of AFSW wafer fab facility in Aizu, Wakamatsu, Japan. Our strategic partner, Yasukawa, converted $15.6 million of debt to transfer common stock at $5 per share in October 2021. We were awarded $1.4 million GAN development contract by the Defense Advanced Research Projects Agency, or DARPA. We also are proud that we achieved automotive qualification of SuperGAN Gen 4 multi-kilowatt class power FEP device. We closed the $5 million private placement for strategic investment by Sino-American Silicon Products, SAS, a multi-billion-dollar public company in Asia, and also closed 33 million private placements in November 2021, comprised of follow-on investments of $5 million by KKR and $10 million by Sino-American Silicon Products, as well as participation by institutional investors. Now allow me to transfer the call to Premier Parikh, President and CEO.